Strs Ohio Lowers Stake in Medtronic PLC (NYSE:MDT)

Strs Ohio lowered its stake in shares of Medtronic PLC (NYSE:MDT) by 2.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,398,792 shares of the medical technology company’s stock after selling 30,092 shares during the period. Medtronic makes up approximately 0.7% of Strs Ohio’s investment portfolio, making the stock its 26th largest position. Strs Ohio owned 0.10% of Medtronic worth $151,936,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MDT. Nuveen Asset Management LLC boosted its position in shares of Medtronic by 12,846.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 8,157,866 shares of the medical technology company’s stock worth $794,495,000 after purchasing an additional 8,094,852 shares during the period. Longview Partners Guernsey LTD lifted its holdings in Medtronic by 46.0% during the 2nd quarter. Longview Partners Guernsey LTD now owns 8,843,721 shares of the medical technology company’s stock worth $861,290,000 after buying an additional 2,787,443 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Medtronic during the 2nd quarter worth approximately $214,895,000. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Medtronic by 9.4% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,499,865 shares of the medical technology company’s stock worth $1,412,142,000 after buying an additional 1,251,830 shares in the last quarter. Finally, Boston Partners lifted its holdings in Medtronic by 14.9% during the 2nd quarter. Boston Partners now owns 9,655,784 shares of the medical technology company’s stock worth $940,555,000 after buying an additional 1,250,545 shares in the last quarter. 81.14% of the stock is owned by hedge funds and other institutional investors.

In related news, EVP Hooman Hakami sold 82,877 shares of Medtronic stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $107.31, for a total transaction of $8,893,530.87. Following the sale, the executive vice president now directly owns 30,761 shares in the company, valued at approximately $3,300,962.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Bradley E. Lerman sold 4,000 shares of Medtronic stock in a transaction on Monday, August 5th. The stock was sold at an average price of $100.31, for a total transaction of $401,240.00. Following the sale, the senior vice president now owns 52,906 shares in the company, valued at $5,307,000.86. The disclosure for this sale can be found here. Insiders sold a total of 114,901 shares of company stock worth $12,271,403 over the last 90 days. Company insiders own 0.28% of the company’s stock.

Shares of MDT traded down $0.70 during midday trading on Monday, reaching $107.43. The stock had a trading volume of 469,355 shares, compared to its average volume of 3,897,857. Medtronic PLC has a 1-year low of $81.66 and a 1-year high of $112.05. The company’s fifty day simple moving average is $108.35 and its two-hundred day simple moving average is $98.68. The company has a market cap of $145.58 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 2.67 and a beta of 0.64. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.67 and a quick ratio of 2.20.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.08. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The business had revenue of $7.49 billion for the quarter, compared to analyst estimates of $7.40 billion. During the same period last year, the business earned $1.17 EPS. The company’s revenue was up 1.5% on a year-over-year basis. On average, sell-side analysts forecast that Medtronic PLC will post 5.56 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, September 27th were issued a $0.54 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.01%. Medtronic’s payout ratio is 41.38%.

A number of research firms have issued reports on MDT. BMO Capital Markets increased their target price on shares of Medtronic from $107.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Morgan Stanley increased their target price on shares of Medtronic from $105.00 to $111.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 21st. Raymond James increased their target price on shares of Medtronic from $105.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Stifel Nicolaus increased their target price on shares of Medtronic from $95.00 to $112.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Finally, Deutsche Bank increased their target price on shares of Medtronic from $100.00 to $111.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $113.84.

About Medtronic

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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